Coinbase Fails Regulatory Hurdle for Stock Futures Launch

Coinbase has filed a proposed framework for perpetual futures tied to individual US stocks and exchange-traded funds, but regulatory approval remains pending. The Securities and Exchange Commission notice published on September 18 indicates that Coinbase submitted the proposal to the Commodity Futures Trading Commission (CFTC) and that the CFTC had not yet approved it.

The proposed contracts would be cash-settled futures, allowing traders to gain exposure to changes in an underlying security's reference price without making them shareholders. The structure of these contracts is designed to provide a derivatives position whose value follows the referenced stock or ETF rather than the rights attached to holding that asset directly.

Coinbase wants to establish a trading week that runs from Sunday at 8 p.m. Eastern through Friday at 5 p.m. Eastern, with holidays and maintenance windows potentially interrupting this schedule. The proposal outlines no-expiry, cash-settled exposure and extended trading hours, but the CFTC register continues to show approval pending.